The Peer-to-Peer Car Sharing Act establishes a regulatory framework for peer-to-peer car sharing programs in New Jersey. Under this bill, such programs will assume liability for bodily injury or property damage to third parties during the car sharing period, ensuring coverage amounts meet or exceed minimum state requirements. The bill also stipulates that the peer-to-peer car sharing program will take primary liability in cases of disputes regarding control of the shared vehicle at the time of an incident. Additionally, it outlines exclusions for motor vehicle liability insurance policies, allowing insurers to exclude coverage for claims related to shared vehicles.

The legislation mandates recordkeeping for peer-to-peer car sharing programs, requiring them to maintain detailed records of vehicle usage and provide necessary information to vehicle owners and insurers for claims processing. Consumer protection measures are also included, such as disclosure of fees, insurance costs, and notification to vehicle owners regarding any liens on their vehicles. The bill aims to enhance safety and transparency in the peer-to-peer car sharing market while ensuring that both vehicle owners and drivers are adequately informed of their rights and responsibilities.